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Adept Technology CEO Discusses F4Q12 Results - Earnings Call Transcript

No one should assume that any forward-looking statements made by the company remain consistent with our expectations after the date that the forward looking statements are made.

Certain financial information that we review on today's conference call is presented on a non-GAAP basis. The most directly comparable GAAP information and reconciliation between the non-GAAP and GAAP figures is provided in our fiscal fourth quarter 2012 press release which has been furnished to the SEC on Form 8-K.

The press release and all financial statistical or operational information referred to in this conference call, including the GAAP reconciliation and explanations discussed above is available on the investor relations section of our website. Following our introductory comments, we will open the call to take your questions.

I would now like to turn the call over to John Dulchinos for some opening remarks.

John Dulchinos

Thank you, Lisa, and good afternoon, everyone. Results of the fourth quarter were solid marking the end of what we believe was a very successful year in which we achieved the first step in the transformation of our business. As we began to translate the leading edge technology we acquired from MobileRobots and InMoTx, drew products and revenues focused on large underserved markets.

In our packing solutions business, we delivered the next four cells to Earthbound Farms for automation of their leafy green clamshell packaging line. These cells are bringing excellent value to Earthbound Farms and allowing them to strategically rebalance their workforce from low value to high value function while improving their internal cost structure.

The operation with the newly installed Adept packaging solution cells was highlighted last Sunday in the front page of the New York Times article on robotics where Earthbound Farms spoke to the value proposition of automated packaging and the strategic value to their company. The online article had an excellent video where it shows the EBS systems in full operation along with a very nice review of Adept in our industry leading vision guided robot solutions.

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